Monday, November 12, 2012

Credit Suisse launches new service for Indian billionaires

Credit Suisse has launched a Single Family Office in India with the new service aimed at ultra-high-net-worth and high-net-worth individuals with large family-owned enterprises.
Among other things, the service can help families leverage the strength of their enterprises and set up a governance model, by defining the guiding principles of the family.

According to the bank, 42% of India’s billionaires are self made and while business and personal wealth are often interchangeable at the early stages of wealth generation, there is a need to create formal structures that demarcate the two at some point.

Credit Suisse has therefore created an offering that provides services around asset allocation, estate planning, corporate finance, administrational management and philanthropic initiatives.

The firm’s chief executive officer, India, Mihir Doshi, comments: “The need for managing and growing family wealth has led to an increase in the importance of a trusted family office, and we are privileged to be able to offer this valuable service in India.”